Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Amendment 171 made in the Seanad inserts a new paragraph (d) into section 87(2) of the 1997 Act which allows the Central Bank to impose a regulatory direction on a credit union under section 87 where that credit union fails to comply with the terms and conditions of any stabilisation support given to the credit union under this Bill. This is necessary to ensure that conditions imposed in return for financial support to keep the credit union afloat are enforceable. These could be called the troika conditions. This direction will be appealable to the Irish Financial Services Appeals Tribunal under section 52 of the 1997 Act.

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